Business
Federal Mortgage Bank of Nigeria in crisis over appointment of Richard Esin as Acting MD
There is an indication that Federal Mortgage Bank of Nigeria (FMBN) is engulfed in leadership tussle, a situation that may lead to the collapse of the secondary mortgage institution.
FMBN is saddled with the responsibility of supplying the mortgage and housing markets with sustainable liquidity for the advancement of home ownership among Nigerians that is anchored on mortgage financing.
The succession battle came to limelight immediately after the disengagement of immediate past Managing Director of FMBN, Mr Gimba Yau’ Kumo by President Muhammadu Buhari. Kumo who was re-appointed by immediate past President of Nigeria, Goodluck Ebele Jonathan on January 2015 having spent 4 years in his first tenure, was sacked alongside 25 Head of Federal Parastatals and Agencies before the expiration of their tenure.
Investigations revealed that Kumo’s handover was enmeshed in crisis as the three Executive Directors in the Board of FMBN were political appointees and not career civil servants.
Gimba however handed over to Mr Ayobola Oluwafemi Abiola, the executive Director, policy and strategy; which led to conflict of seniority among the three executive Directors.
Following this, The Federal Ministry of Power, Works and Housing in its letter to FMBN approved Mr. Richard John Esin as the Acting Managing Director pending the appointment of a substantive MD.
However, the Ministry was said to have thrown their weight behind Esin on the basis that he resumed as the Executive Director before Abiola.
Mr. Richard John Esin who is currently the Acting Managing Director/Chief Executive was appointed an Executive Director in Federal Mortgage Bank of Nigeria on 7th January by President Goodluck Ebele Jonathan.
Mr Charles M. Nyor-Ajiva who is currently the Executive Director, Loans Department/Securities Issuance & Market Development was also appointed an Executive Director, Federal Mortgage Bank of Nigeria on January 7th, 2015 by former President, Goodluck Ebele Jonathan.
Mr. Ayobola Oluwafemi Abiola was appointed an Executive Director of FMBN by the former President Goodluck Ebele Jonathan and resumed in April, 2015.
It was also discovered that the FMBN Staff union was caught up in a squabble that Kumo was not supposed to handover to any Executive director since they were political appointees even as they accused the Ministry of masterminding the appointment of Esin.
This newspaper can authoritatively report that the crisis of leadership in FMBN is receiving the urgent attention of the secretary to the government of the federation and that of the minister for Power, Works and Housing.
We reliably gathered that the Senate Committee on Housing headed by Senator Barnabas Gemade has summoned the Acting MD, Mr. Esin to face the panel over the tussle.
Insiders reveal that staff of the agency are planning a protest to seek redress from the federal government.
When our reporter contacted Mr. Isa Lawal K/Sauri, the head of Corporate Affairs of FMBN for the agency’s angle, he however denied the allegations. In his reaction, Mr. Sauri said that all is well within the organization, stressing further that all the executive directors, the unions and staff of the agency have pledged their support to the Acting DG.
SOURCE :The Icon
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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